European markets are advancing, the spread drops to 190,24. This is how Europe reacts to the messages of Christine Lagarde: the recession, said the ECB president, alone will not be enough to vanquish theinflation, more than ever enemy number one. Hence the certainty of new tax increasesi, but also the reduction in liquidity in circulation and, last but not least, the effect of the repayment of the Tltro loans by the banks.
At 12 the ECB announced that the banks have repaid TLTRO funds for just under 300 billion (296 billion), half of what the consensus expected. Thus limiting the impact on the market. Such a package of measures still seemed capable of nipping an ox but not the robust one Toro that roams the markets these days, capable of resisting any obstacle.
Stock market latest news: European stocks up, keep an eye on bonds
The European lists, after two sessions down, move at rise, also thanks to the driving force of energy (the Austrian Verbund rises by 7,4%). Business Square +1,2% is among the liveliest markets. But the spotlight is focused on the bond market also pending the judgment of the Fitch agency (today BBB, outlook stable) on debt sustainability, out tonight.
I ten-year BTPs Italians recovered to 4% (from 3,95%), the spread climbed back to 200 points, then settled again around 190 points. The interest rate is also on the rise Btp 2 years which rises to 2,75% from 2,71%.
For now the effects are contained. But the effects of the confirmation of the central bank's tightening do not end here. Among this morning's announcements, Christine Lagarde stressed that in December, the board will announce principles for reduction of assets in portfolio. The reinvestment programs will remain in force to preserve an orderly transmission of monetary policy, but it must be clear, continued the president, that the ECB has not finished its job: "We acted decisively, raising rates by 200 basis points, and we expect to raise rates further up to the levels necessary to ensure that inflation returns to our medium-term target of 2% in a timely manner”.
Wall Street futures up, Piazza Affari rewards Stellantis, Pirelli and energy
from United States Stock Exchange there are indications of an upward start to the session. The future of the index S & P500 gains 0,5% on a day conditioned by the technical expirations of options in the amount of 2100 trillion dollars.
In Business Square driving the race is the pairing Cnh/Iveco with increases in the order of 3%, driven by the promotion of the accounts of the giant John Deere. In the automotive sector it advances stellantis, even better Pirelli + 2,1%.
In great evidence energy: Eni and Saipem rise but also Enel awaiting the industrial plan and Italgas. It will be there on Monday coupon detachment of Eni, Terna and Tenaris but also of other big names: Banca Mediolanum, Intesa Sanpaolo, Mediobanca, Poste and Recordati. Lively too A2A +2% which heralded an update of the industrial plan on November 23rd.
banks mostly positive, as in Europe, with no particular changes after the news of the Tltro refunds. Intesa and Banco Bpm go up, the brilliant Finecobank goes up by 2%. Webuild goes up by 3,7%, which won, in consortium, a railway contract worth 441 million euros in Romania.
To signal the collapse of Trevi, in a volatility auction with a drop of more than 30% to 0,4 euro after the announcement of a series of measures to strengthen the company's capital, including a capital increase in option to shareholders at an issue price equal to €0,317 per share.
